Review the following example for the FIFO, LIFO, and Average cost Inventory. First-In, First-Out (FIFO) Method Review the example for the FIFO inventory (solution) EXHIBIT 6-3 Perbetual Inventorv Record: FIFO PROBLEM: Do the FIFO inventory for the following transaction: (50 points) JULY 1 inventory on hand: 5 units, cost 45.00 JULY 5 purchases: 10 units, cost 47.00 JULY 15 sold: 5 unit's, cost: must be determined for you JULY 26 purchases: 15 units, cost 55.00 JULY 31 sold: 8 units, cost: must be determined for you 
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